The application window is now open for Delaware minor businesses seeking funding to expand their business under the Acceleration of Development, Growth and Expansion (EDGE) grant from the Delaware Small Business Administration. The department will accept applications for he EDGE grants from promising early-stage companies in Delaware between now and March 31.
Companies that are less than seven years old and have 10 or fewer employees are eligible to apply for the grant. Previous rounds required companies to be less than five years old, but DSB has opted to expand this requirement to give more small businesses the opportunity to apply for funding.
DSB Director Regina Mitchell said: “By extending the number of years that eligible her EDGE grant applicants have been in business, we hope that more Delaware startups will be able to take advantage of the opportunity to apply.”
EDGE grants are awarded through a competitive selection process. Five STEM-based companies can receive up to $100,000 in eligible expenses, and five entrepreneur-class (non-STEM) companies can receive up to $50,000.
EDGE is a matching grant program. DSB matches investments of successful companies 3:1. Businesses can use subsidies for expenses that help increase the company’s chances of long-term success, such as marketing campaigns to reach more customers or the purchase of equipment needed to increase production capacity. I can.
Applications for the competition round will be accepted until March 31st at 5pm. Finalists pitch their grant proposals to a panel of expert judges. Winners will be announced in the summer.
“Delaware entrepreneurs are passionate individuals who are ready to start or grow a small business,” said Secretary of State Jeff Block. “Our role is to encourage and support them by providing significant capital through the EDGE grant program so that they can reach their highest potential.”
Since EDGE’s launch in 2019, $4.3 million has been awarded to 70 promising Delaware small businesses in industries ranging from renewable energy technology to fitness centers to restaurants. This is the 7th time since the program started.